DA orders one-year moratorium on loan payments

March 23, 2020

THE Department of Agriculture-Agricultural Credit Policy Council (DA-ACPC) has ordered a one-year moratorium in the payment of the loans availed by more than 77,000 farmers and fishermen  in view of the current COVID19 pandemic.

DA Secretary William Dar said that the moratorium is being implemented since most of the farmers and fishermen cannot sell their products  in view of the existing enhanced community quarantine in the whole Luzon.

Dar explained that the moratorium aims to help the 77,375  farmers and fishermen whose harvest and income are affected by the quarantine.

According to ACPC, the total amount of loan granted to the farmers and fishermen is P2.3- billion. The moratorium took effect on March 16, 2020 and will end on March 16, 2021.

“Sa panahon ng kinakaharap nating krisis, naiintindihan namin na kalusugan at kaligtasan muna ang dapat tugunan. Ang ating mga magsasaka at mangingisda ay mga frontliners din dahil patuloy silang nagbibigay ng pagkain sa ating mga hapag kainan sa kabila ng kalamidad na ito” Dar said.

“Kaya naman pinapayagan ng DA-ACPC na magbigay ng isang taong moratorium ang mga partner lending conduits nito sa mga magsasaka at mangingisdang magnanais mag-avail ng nasabing loan payment moratorium,” Dar added.

Likewise, the DA-ACPC also granted a one-year moratorium to their  partner lending conduits for the payment of the same amount covered under the moratorium granted to farmers and fishermen.